In the past week, Home Depot Inc. made national news when it boosted its full-year outlook based on the company's stellar performance so far in 2012. This report caused many people to feel confident in a housing market recovery, and perhaps some even invested in real estate in New York, New York.

However, the positive outlook took a big hit this week when the nation's second largest home-improvement retailer Lowe's cut its full-year-earnings and revenue forecasts after posting a 10 percent drop in second-quarter net income, Bradenton Herald reports. Revenue at stores open for at least a year declined 0.4 percent in 2012-2Q.

Nevertheless, New York City housing officials continue to move forward with renovation plans to revamp certain neighborhoods in the metro area. The public review to transform the former manufacturing district of Hudson Square into a mixed-use neighborhood kicked off Monday, August 20, 2012, DNAinfo.com reports.

Zoning changes in the 18-block area, which is bound by West Houston Street, Sixth Avenue, Canal Street and Greenwich Street, would bring new residents into the area and increase the neighborhood's appeal to creative companies, according to the news source.

The plan to redevelop the area would include adding complimentary residential units and cultural and educational resources to help the community lay a solid foundation for growth. However, the final plans are still up in the air, and city officials need to approve proposals from some local real estate development companies.

Currently, Hudson Square is home to businesses such as MTV, WNYC and New York magazine, and the rest of the allocated space is only zoned for manufacturing or commercial use. The goal is to create a thriving new area where business professionals can come to work and live in a harmony. The zoning proposal in question calls for maximum building heights of 320 feet on wide streets including Greenwich, Hudson and Varick, the source reports.

Homebuyers looking to move into the Greater New York City area may be intrigued to know that city officials are actively looking for ways to revamp neighborhoods, even with housing market metrics not at favorable rates. This dedication shows that New York City remains a flourishing metropolitan area, no matter the economic outlook for the nation, and that city officials continue to improve the qualify of life for residents.

Published by staff writer on August 21, 2012

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